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Informative Article | Social Science | India | Volume 12 Issue 5, May 2023 | Popularity: 4.8 / 10

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Economic Impact of the Catastrophical Wave of COVID-19 on India

Karan Dhandar

Abstract: The onset of COVID-19 halted all socioeconomic activity. The influence on vulnerable industries such as aviation, travel, trade, financial industry, medium and small manufacturing enterprises, and oil is the focus of this research. Domestic and foreign mobility are constrained, and income from hospitality & tourism industry, which account for 9.2 percent of the Gross Domestic Product in case of India, will have a significant effect on Economic growth. Incomes from aviation will drop approximately $2 billion. In April 2020, oil fell to an eighteen year trough of $22 a bbl., and International Financial Markets Investors withdrew massive sums from India, totaling $580 million. Falling oil prices will help to reduce the trade deficit, but adverse financial flow will expand it. The rupee is steadily losing value. Medium and Small Manufacturing Enterprises will face a significant liquidity shortage. During the catastrophe, a terrifying mass departure of such roving populations of refugees on foot occurred, despite a statewide curfew. Their main concerns were unemployment, everyday rationing, and the lack of a social support network. India?s growth framework has to be rethought and made more accessible. COVID 19 however has presented India with some distinctive prospects. Large corporations are losing confidence in China, although there is a chance to join in international supply logistics. Some modifications are required to 'Indian economy' and one of those is employment reform.

Keywords: India, COVID-19, Growth, Significant, Population

Edition: Volume 12 Issue 5, May 2023

Pages: 1357 - 1364

DOI: https://www.doi.org/10.21275/SR23515234538

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